New Brunswick-based rural broadband service provider Xplornet Communications Inc. has announced it’s being acquired by Stonepeak Infrastructure Partners, a New York-headquartered private equity firm focused in infrastructure.
Stonepeak has agreed to acquire a controlling stake in Xplornet, with current Chairman of the Board Steve Weed, and his fund WaveDivision Capital, remaining material investors. Subject to regulatory approval, the deal is expected to close in the coming months.
With over $17 billion USD under its purview, Stonepeak has a track record of investment in global telecommunication businesses. It’s previously invested in Canadian data centre business, Cologix, which operates 17 interconnected facilities across Montreal, Toronto and Vancouver.
Xplornet says Stonepeak is committed to supporting its existing rural broadband-focused business plan, with the acquisition enabling the company to accelerate investment in its national hybrid fibre wireless and satellite broadband network.
President & CEO Allison Lenehan and Xplornet’s current executive team will continue to lead the company, which will remain headquartered in New Brunswick.
“We are excited that Stonepeak has agreed to acquire Xplornet and is strongly committed to continuing our mission of providing rural Canadians with world-class broadband services.” said Lenehan, in a release. “Stonepeak’s investment will position Xplornet to accelerate development of our facilities-based broadband network and services, enabling much faster speeds, including unlimited data plans at affordable prices for rural Canada.”
Subscribe Now – Free!
Broadcast Dialogue has been required reading in the Canadian broadcast media for 25 years. When you subscribe, you join a community of connected professionals from media and broadcast related sectors from across the country.
The Weekly Briefing from Broadcast Dialogue is delivered exclusively to subscribers by email every Thursday. It’s your link to critical industry news, timely people moves, and excellent career advancement opportunities.
Let’s get started right now.
